Gasoline prices inching back below $3

HOUSTON — Some drivers may have done double-takes this week when they saw an eye-popping number in Houston: Two.

As in $2.99 or less for a gallon of regular gasoline.

The consumer gasoline information website GasBuddy reported that several stations dotting the edge of the city joined the 21 percent of Texas gasoline retailers advertising regular below $3 per gallon on Thursday.

The Houston average was just over a nickel higher at $3.05, according to the motor travel club AAA, but it’s inching toward the sub-$3 mark that area motorists haven’t seen since February 2011. It’s more than a seasonal dip.

Abundant inventories and a shrinking appetite for gasoline have amplified the typical winter-time decline in prices, and they probably will sink lower as the weather chills and fewer Americans take long trips. No big storms interfered with refining on the Gulf Coast this year, and new refinery upgrades to expand production capacity have pushed gasoline supplies higher in recent months.

Even the U.S. shale boom has played a role: Higher-grade light crudes extracted from those tight rock formations produce more gasoline than heavier crudes.

“The market is more than adequately supplied,” said Andy Lipow, president of Houston-based consulting firm Lipow Oil Associates.

Nationwide, a gallon of regular averaged $3.33 on Thursday, 30 cents lower than a year ago. Lipow said he expects that to drop below $3.20 in coming months.

“That’s a big difference, one that a lot of people will notice, especially in Texas where prices are hurtling below $3 a gallon,” said Michael Green, a spokesman for AAA. Green said prices will keep dropping as demand shrinks and supply grows.

“It’s simple economics,” he said.

U.S. demand for gasoline dropped to 8.8 million barrels per day in the week ending Oct. 19, down from 9 million barrels per day the week before. Meanwhile, the country’s gasoline inventory jumped to 9.1 million barrels per day last week from 8.9 million barrels the week ended Oct. 12, according to the Energy Information Administration.

Pumping gas in Houston is 17 cents a gallon cheaper than a month ago and down from $3.40 this time last year, according to AAA.

The decline comes as prices for U.S. benchmark West Texas Intermediate crude have fallen. It closed at $97.11 a barrel in trading Thursday on the New York Mercantile Exchange, up 25 cents for the day but down more than $3 from a week earlier and more than $10 since early September.

Crude accounts for about 70 percent of the price tag for gasoline.

Traders sent oil prices down after the U.S. Energy Information Administration reported this week U.S. crude production hit a four-month high of 379.8 million barrels in the week ended Oct. 18.

Lipow said his projection for crude is $93 per barrel in coming months.

Higher-price international benchmark Brent crude has followed a similar trajectory, and closed at $106.99 on Thursday.

Global geopolitical issues hampering oil production, including tensions in oil-producing Iran, seem to have cooled off in recent weeks. And refining activity on the Gulf Coast has hit a lull as refiners enter a maintenance period that will produce a backlog of oil, said Denton Cinquegrana, chief oil analyst at Oil Price Information Service.

More oil typically means lower prices.

“Crude oil inventories have built up. We’re going to see more of that in the next four to six weeks,” Cinquegrana said. It’s good news for U.S. consumers, who may become less stingy with more money in their pocket, but it probably won’t make for a better holiday season for oil companies, he added.

What’s the lowest price you’ve paid for gasoline in the past month? Let us know in a comment below.

No. 2 -- Norway, $9.97/gallon
Norway is the only major oil producer with expensive gas. The Scandinavian country doesn't subsidize fuel at the pump, using its oil profits instead for national services, such as free college education and savings for infrastructure improvements.
[Photo: A customer refuels his vehicle with diesel fuel on the forecourt of a gas station operated by Statoil ASA in Oslo, Norway.] less

No. 2 -- Norway, $9.97/gallon
Norway is the only major oil producer with expensive gas. The Scandinavian country doesn't subsidize fuel at the pump, using its oil profits instead for national services, such ... more

Photo: Kristian Helgesen / Bloomberg

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No. 3 -- Netherlands, $8.95/gallon
The Netherlands has the most bicycles per capita in the world. The bike-pedaling Dutch have the highest fuel tax in the European Union.
[Photo: Patrick Langevoort charges his electric car at his workplace in Arnhem, Netherlands.] less

No. 3 -- Netherlands, $8.95/gallon
The Netherlands has the most bicycles per capita in the world. The bike-pedaling Dutch have the highest fuel tax in the European Union.
[Photo: Patrick Langevoort ... more

Photo: ILVY NJIOKIKTJIEN / NYT

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No. 5 -- France, $8.52
The price of French gas climbed 1.6 percent from the previous quarter. Still, with high incomes and low rates of gas consumption, the French spend a relatively small proportion of their paychecks fueling up. less

No. 5 -- France, $8.52
The price of French gas climbed 1.6 percent from the previous quarter. Still, with high incomes and low rates of gas consumption, the French spend a relatively small proportion of ... more

Photo: Waitscm / Flickr

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No. 8 -- Portugal, $8.38
Portuguese gas prices declined 5 percent for the quarter. The gas tax is one of several levies expanded in Portugal since 2001 to protect the environment. Taxes account for 4 percent of the price of gas in Portugal. less

No. 8 -- Portugal, $8.38
Portuguese gas prices declined 5 percent for the quarter. The gas tax is one of several levies expanded in Portugal since 2001 to protect the environment. Taxes account for 4 ... more

Photo: PATRICIA DE MELO MOREIRA / AFP/Getty Images

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No. 9 -- Hong Kong, $8.21/gallon
On average, Hong Kong residents pay 72 percent more for a gallon of gas than their neighbors in China, where the government caps the price. Hong Kong and China are both among the world's smallest consumers of gasoline per capita. In fact, Hong Kongers spend a smaller portion of their paychecks on gas than the people of any other country except Venezuela. less

No. 9 -- Hong Kong, $8.21/gallon
On average, Hong Kong residents pay 72 percent more for a gallon of gas than their neighbors in China, where the government caps the price. Hong Kong and China are both ... more

Photo: Studio H / Flickr

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No. 12 -- Germany, $8.09/gallon
A German driver filling the 14.5-gallon tank of Europe's most popular car, Volkswagen's Golf hatchback, pays $117.31, compared with $51.04 for the same fill-up in the U.S.

No. 12 -- Germany, $8.09/gallon
A German driver filling the 14.5-gallon tank of Europe's most popular car, Volkswagen's Golf hatchback, pays $117.31, compared with $51.04 for the same fill-up in the U.S.

Photo: Ilovebutter / Flickr

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No. 13 -- United Kingdom, $7.99/gallon
U.K. gasoline prices declined about 8.8 percent in April compared with a year earlier. The price of gasoline in the U.K. has risen more than 66 percent over the past decade, driven by increases in both taxes and fuel prices, according to the Office of Fair Trading. Last year, about 60 percent of the per-gallon cost went to taxes, 32 percent paid for the crude oil and the rest went to the retailer.] less

No. 13 -- United Kingdom, $7.99/gallon
U.K. gasoline prices declined about 8.8 percent in April compared with a year earlier. The price of gasoline in the U.K. has risen more than 66 percent over the past ... more

Photo: Andrewbatman / Flickr

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No. 15 -- Denmark, $7.93/gallon
The price of gasoline in Denmark declined 3.5 percent for the quarter, lowering the country's price rank by five positions.

No. 15 -- Denmark, $7.93/gallon
The price of gasoline in Denmark declined 3.5 percent for the quarter, lowering the country's price rank by five positions.

Photo: KRISTIAN LINNEMANN / AP

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No. 16 -- Israel, $7.86/gallon
The price of gas has been the biggest complaint behind cost-of-living demonstrations in recent years. Israel caps the price of 95-octane gas, while allowing other forms of the fuel to fluctuate. Taxes typically make up about half the cost of a gallon.
[Photo: Drivers fill up at a gasoline station in Raanana in central Israel.] less

No. 16 -- Israel, $7.86/gallon
The price of gas has been the biggest complaint behind cost-of-living demonstrations in recent years. Israel caps the price of 95-octane gas, while allowing other forms of the ... more

Photo: David Silverman / Getty Images

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No. 20 -- Switzerland, $7.26/gallon
Switzerland ranks 11th in the amount of gasoline consumed per person. Despite that indulgence, the Swiss maintain some green credentials. Investments in hydroelectric, nuclear and wind power leave them with a carbon dioxide emissions rate that's less than half the average of OECD nations.
[Photo: A Swiss national flag flies from a flagpole above Lake Geneva in Geneva, Switzerland.] less

No. 20 -- Switzerland, $7.26/gallon
Switzerland ranks 11th in the amount of gasoline consumed per person. Despite that indulgence, the Swiss maintain some green credentials. Investments in hydroelectric, ... more

Photo: Valentin Flauraud / Bloomberg

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No. 21 -- Hungary, $7.16/gallon
Production of Hungary's oil and natural gas resources has peaked and is expected to continue to decline, according to the OECD. More than 80 percent of the country's oil is imported from Russia. Gas prices declined 0.7 percent fo the quarter.
[Photo: Hundreds of Volkswagen Beetles parade across the Elizabeth Bridge over the River Danube during the traditional spring 'swarming' of Beetles in Budapest.] less

No. 21 -- Hungary, $7.16/gallon
Production of Hungary's oil and natural gas resources has peaked and is expected to continue to decline, according to the OECD. More than 80 percent of the country's oil is ... more

Photo: SZILARD KOSZTICSAK / AP

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No. 22 -- Spain, $7.11
Demand for new vehicles in Spain dropped 13 percent last year despite a government program offering discounts of 2,000 euros ($2,590) on a new car for drivers willing to part with their old wheels. Despite some signs of recovery, gas consumption fell 10 percent in March from a year earlier, according to government data.
[Photo: Truck drivers block traffic on the motorway into Seville as they demonstrate against rising fuel costs in 2008.] less

No. 22 -- Spain, $7.11
Demand for new vehicles in Spain dropped 13 percent last year despite a government program offering discounts of 2,000 euros ($2,590) on a new car for drivers willing to part with ... more

Photo: CRISTINA QUICLER / AFP/Getty Images

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No. 23 -- Austria, $7.09/gallon
Austrians buy less gas and pay less for it than the European average.
[Photo: Austrian truck drivers block the road during a protest in front of the Austrian parliament in 2008 in Vienna. Up to 1400 truck drivers protest in and around Vienna against the high fuel prices, taxes and road tolls.] less

No. 23 -- Austria, $7.09/gallon
Austrians buy less gas and pay less for it than the European average.
[Photo: Austrian truck drivers block the road during a protest in front of the Austrian parliament in ... more

Photo: DIETER NAGL / AFP/Getty Images

Image 14 of 42

No. 25 -- Cyprus, $6.93
With above-average gas prices, low incomes and lots of driving, Cypriots give up the third-greatest share of income to fueling up. The only countries whose people spend more are South Africa and Greece. Transporting gasoline to island nations like Cyprus adds to the price. Cyprus has the lowest gasoline taxes in Europe. less

No. 25 -- Cyprus, $6.93
With above-average gas prices, low incomes and lots of driving, Cypriots give up the third-greatest share of income to fueling up. The only countries whose people spend more are ... more

Photo: Virginia Mayo / Associated Press

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No. 27 -- South Korea, $6.77/gallon
Despite being one of the world's smaller nations -- roughly the size of the U.S. state of Indiana -- the country is a leader in cars. South Korean brands led by Hyundai and Kia are now responsible for 10 percent of the U.S. car market for ages 25 to 34, according to Edmunds.com.
[Photo: A gas station employee holds a gas pump to fill a vehicle in Seoul.] less

No. 27 -- South Korea, $6.77/gallon
Despite being one of the world's smaller nations -- roughly the size of the U.S. state of Indiana -- the country is a leader in cars. South Korean brands led by Hyundai ... more

Photo: LEE JAE-WON / REUTERS

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No. 30 -- New Zealand, $6.69/gallon
New Zealand consumes about twice the gasoline per person as the ranking's average of a quarter gallon a day. It has the fourth-highest rate of car ownership, with 712 cars for every 1,000 people, according to the World Bank.
[Photo: A pedestrian walks past a gas station in Auckland, New Zealand.] less

No. 30 -- New Zealand, $6.69/gallon
New Zealand consumes about twice the gasoline per person as the ranking's average of a quarter gallon a day. It has the fourth-highest rate of car ownership, with 712 ... more

Photo: STATON WINTER / BLOOMBERG NEWS

Image 17 of 42

No. 32 -- Estonia, $6.53/gallon
Estonians use less gasoline than the global average, but with their relatively low incomes, the fuel bill takes a toll on family budgets. The price of gas declined 2.5 percent for the quarter.
[Photo: The new, state-of-the-art Enefit280 oil shale refinery in northeastern Estonia] less

No. 32 -- Estonia, $6.53/gallon
Estonians use less gasoline than the global average, but with their relatively low incomes, the fuel bill takes a toll on family budgets. The price of gas declined 2.5 ... more

Photo: Gary Peach / Associated Press

Image 18 of 42

No. 34 -- Romania, $6.48
The price of gasoline in Romania declined 3.2 percent for the quarter. Romanian gas consumption is a quarter of the ranking's average. The country has the fourth-lowest gasoline tax rate in Europe.
[Photo: A stray dog walks along a crosswalk in Bucharest, Romania.] less

No. 34 -- Romania, $6.48
The price of gasoline in Romania declined 3.2 percent for the quarter. Romanian gas consumption is a quarter of the ranking's average. The country has the fourth-lowest gasoline tax ... more

Photo: DANIEL MIHAILESCU / AFP/Getty Images

Image 19 of 42

No. 36 -- Singapore, $6.22/gasoline
Singapore has some of the largest refineries in the world. The country imports oil and ships gasoline back to oil-producing countries in the Middle East. Gas prices declined 1.2 percent for the quarter.
[Photo: Motorists fill up their cars at an Esso gas station in Singapore.] less

No. 36 -- Singapore, $6.22/gasoline
Singapore has some of the largest refineries in the world. The country imports oil and ships gasoline back to oil-producing countries in the Middle East. Gas prices ... more

Photo: MUNSHI AHMED / BLOOMBERG NEWS

Image 20 of 42

No. 38 -- Japan, $6.09/gallon
Japan's long-standing national gasoline tax helped the country's carmakers take an early lead in developing fuel-efficient vehicles. The price of gas tumbled 9.2 percent for the quarter. less

No. 38 -- Japan, $6.09/gallon
Japan's long-standing national gasoline tax helped the country's carmakers take an early lead in developing fuel-efficient vehicles. The price of gas tumbled 9.2 percent for ... more

Photo: Nemo\'s great uncle / Flickr

Image 21 of 42

No. 39 -- Australia, $5.87
Relying on fossil fuels for electricity is getting more expensive in Australia after the government's controversial tax on carbon dioxide emissions was imposed last year. The carbon tax doesn't apply to driving, which means the nation can continue to enjoy its relatively pain-free pumping.
[Photo: Ally Clements fills her car a Sydney service station, Australia.] less

No. 39 -- Australia, $5.87
Relying on fossil fuels for electricity is getting more expensive in Australia after the government's controversial tax on carbon dioxide emissions was imposed last year. The ... more

Photo: RICK RYCROFT / AP

Image 22 of 42

No. 40 -- South Africa, $5.38
With low per capita incomes and moderate gas use, South Africans are second to none in the share of their paychecks that goes to fueling up. The situation in South Africa worsened over the quarter, with a 6.2 percent increase in the price of gasoline. Pump prices are determined on a monthly basis by the Central Energy Fund, a state-owned entity set up in 1997.
[Photo: Laborers sit in the back of a "bakkie" during rush-hour traffic in Johannesburg, South Africa.] less

No. 40 -- South Africa, $5.38
With low per capita incomes and moderate gas use, South Africans are second to none in the share of their paychecks that goes to fueling up. The situation in South Africa ... more

Photo: DENIS FARRELL / AP

Image 23 of 42

No. 41 -- Argentina, $5.23/gallon
Argentines account for 13 percent of the world's natural gas vehicles. They also produce the fifth-highest volume of biofuels in the world -- 50,340 barrels per day.
[Photos:Truck drivers wait at a roadblock in Tandil, Argentina.] less

No. 41 -- Argentina, $5.23/gallon
Argentines account for 13 percent of the world's natural gas vehicles. They also produce the fifth-highest volume of biofuels in the world -- 50,340 barrels per ... more

Photo: Pablo Aneli / AP

Image 24 of 42

No. 42 -- India, $5.07/gallon
In India, low wages and limited infrastructure result in widespread energy poverty. Energy subsidies account for about 10 percent of India's annual budget, according to government estimates. The average Indian needs to work more than a full day to afford a gallon of gasoline. Due to the cost, this country of 1.2 billion people has the lowest per capita consumption.
[Photo: Employees stand at a Bharat Petroleum Corp. gas station in New Delhi, India] less

No. 42 -- India, $5.07/gallon
In India, low wages and limited infrastructure result in widespread energy poverty. Energy subsidies account for about 10 percent of India's annual budget, according to ... more

Photo: Brent Lewin / Bloomberg

Image 25 of 42

No. 43 -- Philippines, $4.89/gallon
Filipino's pain at the pump is partly offset by an unconventional energy resource available to their economy. The country is the world's second-biggest producer of geothermal energy after the U.S., according to the International Geothermal Association. The nation of 95 million people and 7,100 islands uses this natural resource for about 17 percent of its energy needs.
[Photo: Motorists fill up at a gas station in Manila, the Philippines.] less

No. 43 -- Philippines, $4.89/gallon
Filipino's pain at the pump is partly offset by an unconventional energy resource available to their economy. The country is the world's second-biggest producer of ... more

Photo: NANA BUXANI / BLOOMBERG NEWS

Image 26 of 42

No. 44 -- Colombia, $4.83/gallon
Colombia's annual inflation rate this year unexpectedly dropped to its lowest point in more than three years. That's partly due to declines in transportation costs after the government cut a tax on gasoline. Thirteen percent of the country's vehicles run on compressed natural gas, the seventh-highest rate in the world, according to NGV Europe, a trade group for natural gas vehicle companies. less

No. 44 -- Colombia, $4.83/gallon
Colombia's annual inflation rate this year unexpectedly dropped to its lowest point in more than three years. That's partly due to declines in transportation costs after the ... more

Photo: Reinaldo D'Santiago / AP

Image 27 of 42

No. 45 -- China, $4.75/gallon
With a population of 1.3 billion, China is the world's second-biggest oil consumer after the U.S. China regulates the price of retail gasoline and diesel fuel to curb inflation. The country's total consumption is formidable; the per capita consumption is not. less

No. 45 -- China, $4.75/gallon
With a population of 1.3 billion, China is the world's second-biggest oil consumer after the U.S. China regulates the price of retail gasoline and diesel fuel to curb ... more

Photo: Anonymous / Associated Press

Image 28 of 42

No. 46 -- Thailand, $4.68
Thailand has cheap gas relative to most nations, but it's a steep price for many Thais. The cost of filling up jumped 5.7 percent for the quarter.
[Photo: A Thai worker changes an gasoline price sign at a service station in Bangkok.] less

No. 46 -- Thailand, $4.68
Thailand has cheap gas relative to most nations, but it's a steep price for many Thais. The cost of filling up jumped 5.7 percent for the quarter.
[Photo: A Thai worker changes ... more

Photo: PORNCHAI KITTIWONGSAKUL / AFP/Getty Images

Image 29 of 42

No. 47 -- Canada, $4.62/gallon
Canada is the world's sixth-biggest oil producer and has higher income per person than the U.S. These stats add up to cheap gas and little pain at the pump. Only Americans use more gas per capita than Canadians. Canada's gas price fell 2.9 percent for the quarter. less

No. 47 -- Canada, $4.62/gallon
Canada is the world's sixth-biggest oil producer and has higher income per person than the U.S. These stats add up to cheap gas and little pain at the pump. Only Americans use ... more

Photo: Elaine Thompson / Associated Press

Image 30 of 42

No. 48 -- Pakistan, $3.95/gallon
Instead of gasoline, most Pakistanis opt for cheaper and cleaner compressed natural gas. CNG fuels about 89 percent of the nation's auto fleet. Pakistan has about 3.1 million CNG vehicles on the road, the most of any country, according to NGV Global, a trade group for natural gas vehicle companies.
[Photo: Traffic crowds a street in Rawalpindi, Pakistan.] less

No. 49 -- Indonesia
While the official price of gasoline is $3.83 a gallon, most Indonesians pay just 4,500 rupiah per liter ($1.74 a gallon) for a subsidized grade of gasoline that has a lower octane than what's available in most countries. The program will cost as much as $31 billion this year.
[Photo: An Indonesian fuel attendant fills up a motorists car in a last minute rush at Pertamina fuel station, a state-owned petroleum company in Jakarta.] less

No. 49 -- Indonesia
While the official price of gasoline is $3.83 a gallon, most Indonesians pay just 4,500 rupiah per liter ($1.74 a gallon) for a subsidized grade of gasoline that has a lower octane than ... more

Photo: ROMEO GACAD / AFP/Getty Images

Image 32 of 42

No. 50 -- Russia, $3.60
Russia is the second-biggest oil producer, after Saudi Arabia, and has some of the world's cheapest gas prices. Russian prices jumped 4 percent for the quarter.
[Photo: An employee of a BP gasoline station walks in Moscow.] less

No. 50 -- Russia, $3.60
Russia is the second-biggest oil producer, after Saudi Arabia, and has some of the world's cheapest gas prices. Russian prices jumped 4 percent for the quarter.
[Photo: An ... more

Photo: MIKHAIL METZEL / AP

Image 33 of 42

No. 51 -- United States, $3.52/gallon
The U.S. pays more than any other nation to keep fossil fuels cheap, and its gas costs $2.48 less per gallon than average. With all that cheap gas, Americans burn through 1.2 gallons per person each day -- 31 percent more than anyone else. less

No. 51 -- United States, $3.52/gallon
The U.S. pays more than any other nation to keep fossil fuels cheap, and its gas costs $2.48 less per gallon than average. With all that cheap gas, Americans burn ... more

Photo: Elaine Thompson / Associated Press

Image 34 of 42

No. 52 -- Mexico, $3.40
The world's seventh-biggest oil producer has been gradually cutting the subsidy it provides at the gas pump as a way to keep expenses in check and to remove incentives for wasting gas. Out of all the OECD member countries, only the U.S. pays less in taxes. The price of gas jumped 5.7 percent for the quarter, the fourth-biggest increase.
[Photo: A gas station attendant washes a customer's window while waiting for his tank to fill up at a Pemex station in Mexico City, Mexico.] less

No. 52 -- Mexico, $3.40
The world's seventh-biggest oil producer has been gradually cutting the subsidy it provides at the gas pump as a way to keep expenses in check and to remove incentives for wasting ... more

Photo: TREVOR SNAPP / BLOOMBERG NEWS

Image 35 of 42

No. 53 -- Malaysia, $2.31/gallon
Malaysia is a significant producer of oil and is well located for trading energy by sea. The country's reserves are third highest in the Asia-Pacific region, after China and India.
[Photo: Traffic moves past Johor Port in Pasir Gudang, Johor, Malaysia.] less

No. 53 -- Malaysia, $2.31/gallon
Malaysia is a significant producer of oil and is well located for trading energy by sea. The country's reserves are third highest in the Asia-Pacific region, after China and ... more

Photo: Munshi Ahmed / Bloomberg

Image 36 of 42

No. 55 -- Iran, $2.16/gallon
Iran is the fourth-biggest oil producer and in 2010 had the highest fossil-fuel subsides in the world. In December 2010, Iran began a five-year program to reduce subsidies and bring gas and electricity prices more in line with the international market. The plan was blamed for nationwide inflation surpassing 30 percent.
[Photo: An Iranian motorist pumps gasoline as women pass by a petrol station in downtown Tehran.] less

No. 55 -- Iran, $2.16/gallon
Iran is the fourth-biggest oil producer and in 2010 had the highest fossil-fuel subsides in the world. In December 2010, Iran began a five-year program to reduce subsidies and ... more

Photo: BEHROUZ MEHRI / AFP/Getty Images

Image 37 of 42

No. 56 -- United Arab Emirates, $1.77
The U.A.E. is the eighth-biggest oil producer in the world. The country subsidizes about 68 percent of the cost of gasoline, as of 2010. Despite its oil wealth, the U.A.E. has long had to import its gasoline because it lacks refining capacity.
[Photo: A ship docks at the refueling station in Fujairah, United Arab Emirates.] less

No. 56 -- United Arab Emirates, $1.77
The U.A.E. is the eighth-biggest oil producer in the world. The country subsidizes about 68 percent of the cost of gasoline, as of 2010. Despite its oil wealth, the ... more

Photo: Kamran Jebreili / Associated Press

Image 38 of 42

No. 57 -- Egypt, $1.03/gallon
The administration that came to power in August pledged to overhaul the energy industry and curb fuel subsidies. The country still has the fourth-cheapest gas in the world, and prices declined a further 9.3 percent for the quarter. less

No. 57 -- Egypt, $1.03/gallon
The administration that came to power in August pledged to overhaul the energy industry and curb fuel subsidies. The country still has the fourth-cheapest gas in the world, and ... more

Photo: ocean energy

Image 39 of 42

No. 58 -- Kuwait, 80 cents
Petroleum accounts for almost half of Kuwait's gross domestic product and 95 percent of its exports and government income. Gas prices aren't felt much by Kuwaitis, who are the third-biggest consumers of gasoline after the U.S. and Canada. less

No. 58 -- Kuwait, 80 cents
Petroleum accounts for almost half of Kuwait's gross domestic product and 95 percent of its exports and government income. Gas prices aren't felt much by Kuwaitis, who are the ... more

Photo: Miskan / Flickr

Image 40 of 42

No. 59 -- Saudi Arabia, 45 cents/gallon
Saudi Arabia, which holds one-fifth of the world's oil reserves, is pursuing wind, solar and nuclear power to help cut in half the crude and natural gas it burns to generate electricity. The country wants to generate a third of its electricity from alternative energy sources within two decades. Saudi Arabia is OPEC's biggest producer and heavily subsidizes the price of gasoline.
[Photo: A Saudi man fuels his vehicle at a gasoline station in Riyadh, Saudi Arabia.] less

No. 59 -- Saudi Arabia, 45 cents/gallon
Saudi Arabia, which holds one-fifth of the world's oil reserves, is pursuing wind, solar and nuclear power to help cut in half the crude and natural gas it burns to ... more

Photo: AP

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No. 60 -- Venezuela, 4 cents
Dreaming of cheap gas? Fill up in Venezuela, where gas is practically free. Venezuela is a poor country the burns through gas like a rich one.The cost of filling up the 39-gallon tank of a Chevrolet Suburban in Venezuela is $1.56, compared with $137.28 in the United States. less

No. 60 -- Venezuela, 4 cents
Dreaming of cheap gas? Fill up in Venezuela, where gas is practically free. Venezuela is a poor country the burns through gas like a rich one.The cost of filling up the ... more